It’s fairly impossible to follow Administration math on the HAMP program, which is part of the TARP authorization. I’ve seen HAMP alternately described as a $75 billion, $50 billion, $45.6 billion and $29 billion program. And the White House has carved money out of HAMP for other housing programs like the Hardest Hit Fund. So [...]

JPMorgan Chase estimates that 500,000 new loan modifications will result from the Administration’s changes to the embattled HAMP program. I’m skeptical of this projection, but let’s hear it out: JPMorgan Chase [[JPM]] analysts said in a report Monday they expect 1.7 million additional borrowers could qualify for the program under the more lenient DTI requirements [...]

Hey, remember HAMP? That’s the program that was supposed to help four million borrowers lower their mortgage payments and avoid foreclosure? The one that promised $50 billion for that purpose? The one that’s actually provided temporary relief for around 900,000 borrowers, used about 6% of the money earmarked, and also the one that’s been used [...]

The House of Representatives did their little resolution of disapproval stunt last night, voting 239-176 to disagree with the President’s assessment that bills already incurred by the federal government ought to be paid for. This is a vote fated to go nowhere, as the Senate will not be able to pass it, based on the [...]

Along with Dean Baker and a few others, I’ve been fighting a lonely crusade against those who insist that TARP “made money.” First of all, TARP wasn’t even the bailout, it represented about 2% of all emergency programs provided to banks. Second, the banks paying the money back they got at 0% interest and could [...]

In 2010, over 350 members of the House agreed to a bill designed to punish China for their currency manipulation. In 2011, 68 members of the Senate agreed to a similar bill. But in a year-end report to Congress, the Treasury Department voiced their disagreement, refusing to label China a currency manipulator, instead opting for [...]

This week, the White House will ask Congress for the second tranche of increases to the debt limit, as negotiated in the August deal. The conditions for the second debt limit increase have been satisfied by the pulling of the trigger, caused by the collapse of the Super Committee. Republicans can only stop this second [...]

A few days ago, I tweeted about an interview Felix Salmon did last year with Michael Barr, who at that time still worked at the Treasury Department, on the foreclosure issue. In that interview, Barr touted the inter-agency review being done on the entire mortgage market, and he vowed that “we’re holding the banks accountable [...]

The Treasury Department apparently has a simple rule. You can abuse a Treasury program and violate the program guidelines for two years. But if you go into that third still violating, well, they’re going to have to ask you to comply. The Treasury Department will withhold Home Affordable Modification Program payments from JPMorgan Chase and [...]

Emptywheel got there first, but I wanted to add something. On the same day that Martha Coakley sued five banks for systematically stealing homes, the Treasury Department, the CFPB and the Special Inspector General for TARP have announced a task force. Not to go after those same banks, based on the evidence of systematic fraud. [...]

I think even the White House would admit that the changes to their refinancing initiative announced this week aren’t a game-changer for the housing market. I would look at them as more of a stimulus bill than a housing bill. If you’re a delinquent borrower, you get no help from the changes. If you want [...]